Does it fall within the ambit of Consumer Protection Law?
Every now and then, one comes across reports of how some companies have been duping investors by making impracticable or commercially unviable promises or by offering highly attractive rates of interest or rewards to investors at the time of accepting deposits, with no intention either of fulfilling their obligation of refunding the deposits on maturity or of rendering the services assured to them. At present, there are lakhs of duped investors across the country struggling to get their lost monies back. Lack of clarity on whom to complain and what legal procedures to follow has only added to their troubles. This article is an attempt to inform investors about the remedies or legal options they have as ‘consumers’ of the financial institutions they may have invested in.